Bittime -Grayscale's chief legal officer, Craig Salm, expressed confidence in the approval of a spot Ether (ETH) exchange-traded fund (ETF) in May, despite recent discussions regarding the US Securities and Exchange Commission's (SEC) lack of involvement with the applicants.
Salm noted that many of the issues common to Ether spot ETFs have been addressed in the months leading up to potential approval, similar to those resolved prior to the approval of a Bitcoin spot ETF .
This includes details related to creation and redemption procedures, cash and kind models, asset protection, loss prevention, and custody.
However, ETF issuers looking to integrate staking into their spot Ether ETFs will need to address additional issues with regulators. Notable applicants in this case include Ark 21Shares, Fidelity, and Franklin Templeton.
Concerns Expressed by Bloomberg ETF Analysts
Bloomberg ETF analysts Eric Balchunas and James Seyffart have expressed concerns about limited SEC involvement, reducing the odds of an Ether spot ETF being approved in May to 25%.
Balchunas described it as “25% pessimistic,” indicating that the lack of engagement appears to be intentional and not simply delay.
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Nevertheless, Salm highlighted the recent approval of an Ether Futures ETF and its regulation as a commodity futures, which could strengthen the case for approval of a spot Ether ETF due to the high correlation between futures and spot products.
Similar sentiments were expressed by Coinbase's chief legal officer, Paul Grewal, and Brian Quintenz, former commissioner of the Commodity Futures Trading Commission.
Several prominent entities, including BlackRock , VanEck, ARK 21Shares, Fidelity, Invesco Galaxy, Grayscale, Franklin Templeton, and Hashdex, are among the applicants vying for SEC approval of an Ether spot ETF.
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The SEC is expected to render a decision on VanEck's application on May 23, with analysts estimating that all applicants will receive a decision by that date.
Despite the challenges, the industry remains hopeful for Ether spot ETF approval, anticipating significant developments in the coming months.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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